Wednesday, January 6, 2010

Astarra: Don't blame the regulator

Here is an article which blames the regulator for allowing Astarra to go on as long as it did. It is not the only such article.

The article praises the seemingly heroic blogger for uncovering the problems.

Well the article is flat wrong.

1). The regulator it seems has acted with the greatest speed and integrity in uncovering this mess. I have no complaint whatsoever about the regulator.

2). Whilst my letter was the proximate trigger for the discovery of the problems at Astarra I claim no special genius. Sure I worked it out - but it was not complicated. Moreover a reader of this blog tipped me I should look.

I used not to have a high opinion of the Australian regulator - but on this instance I have no complaints whatsoever.

Speaking of nothing, i noticed that the blog where out of business here in Scandinavia for two perhaps three days. All i got where a standard error from blogger that this blog didn't exist. This where the first time for me, any comment?

I have to disagree. The regulator would have received the core proofs in the first place for Shawn and Eugene to assume their lofty positions. If you could uncover this in 40 minutes, why couldn't the army at the ASIC do so before people invested?

j.would you think to open a -Web Site-instead of this cool blog !?-----------------------------------how could you live in this country !(foreign debts),(budget deficit),(consumption),(construction),(house prices) ALL ARE UP!(credits),(profitability),(commodity prices).(production)...ALL ARE DOWN !----------------------------------England is finished. .China will be thenew owner of this country.!hopefully they won't fluster.

Regulators can't be everywhere testing every non-ADI investment. That's the job of analysts, financial advisers and (maybe) the press. With all the information out there and people looking at investments, there should be enough eyeballs to ensure that the whistle can be blown, at which point we want the regulator to then take action.

They - being part of the entertainment industry - do precisely as they are told, or else their mortgages dont get paid.

Just as nobody would touch the minister's-daugher sex tape (when the then-Minister-for-Immigration's opinion became crucial in the deportation or otherwise of some Mossad lads), nobody will dare touch the involvement of Bigmouthed Joe Biden in shady financial dealings in Straya.

Seriously... our overlords are no longer subject to the rule of law. If you think otherwise, then dare to have a crack at them... the last thing you see will be a red spot on your chest.

Im one of the dumb sods who invested their hard earned cash into Astarra on advice of my trusted financial planner. What i'd like to know is when its all going to come to an end. The whole saga has been draging out for a long time now. My chance of getting any of my money back are getting smaller and smaller. But in the mean time the lawyers on the leagal end of it all are getting fatter and fatter at my expence. Im sure that if any of the money is found its going to be swallowed up in legal fees and the cost involved in appointing a liquidator to distribute the non existing funds. Surley there must be other people out there (over 100 million dollers worth to be precisce)who feel the same way, is there some way we can unit to try to push things along. Also why am I still paying people to answer the phone at Astarra Im sure that a luxury I can no longer afford.

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